Hello,
my wife and I are Minnesota year-round residents, filing a joint return. She received a 1099-INT from the US Treasury that declares that she was paid an Annual Interest of $4,875. By a note on the back of the 1099-INT, this interest is "exempt from state and local income taxes," but it does not appear as a subtraction on the Minnesota tax form M1M that is generated by TurboTax.
Please advise. This looks like a bug in the Turbo Tax system.
Double-check your entry in the Federal return for the interest income.
Interest income entered in box 3 is considered taxable only on your Federal return and will automatically be adjusted on your state return.
Double-check your entry in the Federal return for the interest income.
Interest income entered in box 3 is considered taxable only on your Federal return and will automatically be adjusted on your state return.
Thank you. I Made the same mistake on last year's return as well. I amended my return and eFiled it, both Federal and State returns. The Federal amended return was accepted already, the State amended return is "in progress." Now I see that I'm supposed to mail the forms by USPS as well? Is that right?